About meCTA Manager and all technical analysis and chart outlooks are the opinion of Michael Agne the CTA Manager and are for educational and learning purposes and are not a recommendation to Buy, Sell or Initiate any futures position.
With TRUMP going to go BIG on the direct velocity of money increasing stimulus to the people, Magnelibra feels that the panic and the timing of this move here may catch many off guard. This is just for informational purposes only and an educational lesson on techincal analysis and the fact that the SP500 is at major market support here.
Any and all information...
Magnelibra likes to look at all the futures markets for indications of technical nature. The DAX Futures are putting in a very formidable signal here and we are watching it very closely, put it on your radars...You've been warned and informed for informational purposes only.
For all you futures technicians and traders, this is a great example of a range trade with clear breakout boundaries. This is for tutorial purposes and not a recommendation to buy or sell, rather informational instruction on technical patterns.
Silver after topping out around $19.50 has seen some decent selling and about to bump into the .382 Fib
This is the first test for bulls here and will tell very quickly whether or not the bull case has some legs
left of if profit taking will drive it down to lower trend line supports and the .618 Fibs.
Systematic algos seem to be in a symmetrical holding pattern here, shorts have been rewarded above 2920, but a solid post 8:30am up move tomorrow may put an end to this consolidation pattern so tight stops on any shorts here would be warranted.
With the overnight European session opening down 1% Algo driven machine selling took advantage of the thin trade to flush out weak hands as the 2812 gamma level held and now back above 2871 and ready for a move to Fib level of 2916. Above that and a simple China talks with US headline will propel up toward the all important 3034.
SP500 attacked the 2900 level in Sep Futures to only be thwarted by the 61.8% retrace as well as China saying "no talks"
Expect 2863 to be big bear hurdle here and roll down below, if hold risk is back to 2900
